Chinese Large Models Rush for IPO! MiniMax, Zhipu, and Born Ready Technologies Have All Passed the Hong Kong Stock Exchange Hearing - The Capital Market Faces a Surge of AI Startups

Domestic large model companies are accelerating into the spotlight of the capital market. According to the latest disclosure from the Hong Kong Stock Exchange, Biren Technology has officially passed the IPO hearing; while at the beginning of this week, MiniMax (Xiyu Technology) and ZhiPu Huazhang also completed the filing with the China Securities Regulatory Commission and successfully passed the Hong Kong Stock Exchange hearing. This means that several leading companies among the "Six Big Models" have entered the final countdown for IPOs, marking a critical turning point for the capitalization of China's AI industry.

This cluster of successful hearings is not an isolated event, but rather an important sign that domestic large models are moving from technological R&D toward commercialization and value realization. With the three-layer ecosystem of computing power, models, and applications becoming increasingly mature, the capital market has significantly increased its recognition of AI infrastructure and underlying technology companies.

The market's enthusiasm has already been reflected in the stock prices of related companies. As of December 17, the stock prices of Shanglong Xinchuang, Zhongji Xuchuang, and Zhaofeng Shares, which are shareholders of Biren Technology, have risen by more than 180% this year, reflecting investors' high expectations for the collaborative ecosystem of domestic AI chips and large models. On the morning of December 18, Diguang Media, a shareholder of ZhiPu Huazhang, surged by 10%, while Tianzun Technology, an affiliate of Biren Technology, also rose nearly 4%, further confirming that the capital market's enthusiasm for the AI industry is shifting from concept to realization.

Notably, although the "Six Big Models" are often mentioned together, each company has its own technical approach and commercial focus:

- ZhiPu Huazhang focuses on open-source and industry-specific large models, with the GLM series widely popular among developers;

- MiniMax emphasizes multimodal and voice interaction, with a product lineup covering both B-side and C-side;

- Yue Zhi Anmian breaks through with Kimi's long context capability, and has recently accelerated its exploration of enterprise services;

- Biren Technology focuses on the foundation of AI chips, providing domestic computing power support for large models.

As companies such as MiniMax, ZhiPu, and Biren take the first step into the Hong Kong stock market, others like Yue Zhi Anmian, BaiChuan Intelligent, and Lingyi Wanwu are also believed to be following closely behind. This IPO competition is not just a financing action, but a comprehensive test of technical barriers, commercialization capabilities, and long-term strategies.